Maine’s real estate continues to increase in value, despite a decline in sales last month. Maine Listings reported an impressive 12.50 percent jump in home prices, bringing the statewide median sales price (MSP) to $180,000 during the month of February.
Weather certainly affected buyers last month, and sales eased 12.91 percent. “The February 2017 data was impacted by a 10-day period of record-breaking snow and a comparison February 2016 (Leap Year with an additional day),” explains Greg Gosselin, President of the Maine Association of REALTORS. “Statistics indicate continuing strong real estate sales and value trends throughout Maine.
REALTORS report that pre-qualified buyers are actively searching now to take advantage of the long-term affordability and tax benefits that home ownership provides.” According to the National Association of Realtors, sales of single-family homes nationwide rose 5.8 percent over the past year. The national MSP of $229,900 represents a 7.6 percent jump. Regionally, single-family existing home sales in the Northeastern US increased 1.5 percent while values were up 4.1 percent to $250,200.